Coal India in Monday’s trade opened in red. The stock in morning hours plunged nearly 2%. The company announced the buyback programme post market hours on Monday. South Eastern Coalfield Limited (SECL), an arm of state-run, Coal India, had approved a share buyback plan of Rs 1200.19 crore.

The board of directors of the company has approved the buyback of 1,50,443 fully paid equity shares of face value Rs 1000 each, from the members of SECL, for an aggregate amount not exceeding Rs 1200.19 crore.The stock has delivered 4.43% returns in a period of one year, underperforming the BSE Sensex and the BSE Metal index over the same time span.

Headquartered in Kolkata, Coal India Limited is an Indian state-controlled coal mining company, and is the largest coal producer company in the world, contributing around 82% of the coal production in India.

Coal India Ltd is currently trading at Rs 323, down by Rs 7 or 2.12% from its previous closing of Rs 330 on the BSE.The scrip opened at Rs 330 and has touched a high and low of Rs 331.5 and Rs 322.8 respectively. So far 1819195(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 208439.88 crore.

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